Financial Transparency Coalition

BERLIN - Laws forbidding companies from bribing abroad to win contracts or dodge local regulations have resulted in rising prosecutions, anti-corruption group Transparency International said in a new report today. The report, Exporting Corruption? Country Enforcement of the OECD Anti-Bribery Convention. Progress Report 2012, shows that bribery charges increasingly lead to fines, jail time and reputational damage. With 144 new cases in 2011, the total number of cases prosecuted by 37 major exporters rose from 564 at the end of 2010 to 708 at the end of 2011, with a further 286 investigations ongoing.

WASHINGTON, DC – The Greek economy lost US$261 billion to crime, corruption, and tax evasion from 2003-2011, Global Financial Integrity (GFI) Director Raymond Baker told Der Spiegel in an exclusive interview published yesterday in the German news magazine. Interestingly, while Greece experienced heavy illicit outflows for 6 of the first 7 years in that time series, Greece experienced massive inflows of illicit money in 2010 and 2011.

WASHINGTON DC - Global Witness welcomes the long-overdue vote on implementation rules for Sections 1502 and 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act by the United States Securities and Exchange Commission (SEC).

WASHINGTON, DC – More than two years after the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the U.S. Securities and Exchange Commission (SEC) today voted to adopt implementing rules for Section 1504 of the legislation, which requires companies operating in the oil, gas, and mining sectors to publicly report on the payments they make to foreign governments. The release of the rules enables Section 1504 to finally take effect, and the effected companies will shortly need to begin reporting as required by law.